A career Plan B is a good idea

What would you do if you needed to find a new job? A career Plan B would help.

I’m a fan of the career ‘Plan B’. Taking the time to think about an alternative career plan is smart no matter what state the economy is in, and the perfect time to construct a plan of action is when you have a job.

Having a Plan B — a backup plan — is so important because it can substantially reduce the time it takes to land another job, if you find yourself unemployed. Ask yourself this question: If your current job ended, how quickly could you find another one? If your response is “I don’t know” or “a long time,” chances are you need to add to your skills.

Here’s how a Plan B could work: Take for example the engineer who had a strong background but was beginning to dread industry ups and downs. Instead of waiting for another round of organizational restructuring, he began focusing on his interest in finance. He started taking classes in management and finance. He now has a degree in finance, and his background is more adaptable to changes in the market. His engineering experience, when combined with his finance degree, gives him more opportunities to transfer his skills to different industries.

Here’s a slightly different example of the same principle. Another finance executive wanted to transfer his accounting background to a sales and marketing position in a home-improvement chain. He spent several months training with the manufacturing facility and attending sales-presentation calls. It took him less than six months to transfer his skills to this new field.

You can start developing your Plan B by observing the market. Take advantage of training and development courses while you are working and attend industry and professional meetings.

Here are additional steps you can take to develop your Plan B:

Take a skills inventory and identify each skill you currently use.

Keep a career portfolio that includes reviews, awards, recognitions, certifications and special achievements.

Update your resume. Include quantifiable results. They get attention and help validate your contributions.

Know your industry, clients, customers and potential employers that could use your background.

Look for ways you can immediately contribute to changing situations at work.